Building a Cyber Pricing Model in hx Renew
The Challenge
A global insurer wanted to modernise its cyber pricing process by moving from Excel to hx Renew. Their existing Excel raters varied across regions, with small logic differences and no central version control. The goal was to deliver a single Renew model that reconciled to Excel, supported both London and Central European underwriting teams, and connected directly to Guidewire for booking — all while setting the foundation for better data capture and analysis.
Our Approach
We worked closely with both underwriting teams to translate their initial Word “wireframes” into a live hx Renew implementation. Managing two sets of requirements required careful stakeholder engagement and design compromise, including dual functionality in areas where regional approaches differed.
The new model was designed around a flow-based journey: underwriters move sequentially through each tab, with additional sections appearing automatically when relevant exposures are entered. This made the model intuitive to use and prevented clutter.
During reconciliation, we identified and resolved differences between multiple Excel raters that had evolved independently. In doing so, we uncovered logic bugs — such as pricing not escalating as intended — and worked with actuaries to correct and validate the final rating structure.
We followed a Minimum Viable Product (MVP) approach, allowing a six-week dual-run period where underwriters could use either the Excel or hx Renew model. This ensured continuity and trust, giving teams time to transition smoothly while we handled feedback and refinements in real time.
The Result
The final hx Renew model brought immediate benefits:
Consistency & Control: A single, unified model replaced multiple unmanaged Excel raters.
Data Quality: Enhanced data capture enabled better future underwriting insight.
Underwriter Experience: Simpler navigation, quick exports to Word for risk summaries, and reduced rework.
Actuarial Insight: Batch testing and portfolio analysis capabilities, with confidence that every user was on the correct version.
The client praised the ongoing collaboration and responsiveness — highlighting that the team felt supported, not forced into change. The project not only delivered a live, production-ready model but also a framework for continuous improvement.